Heavy Duty Engines Global Market Report 2024

The heavy duty engines market size has grown strongly in recent years. It will grow from $49.31 billion in 2023 to $52.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to the growth in infrastructure and construction, compliance with emission regulations, the demand for fuel efficiency, the globalization of trade and transportation, and an increase in vehicle sizes and capacities.

The heavy duty engines market size is expected to see strong growth in the next few years. It will grow to $70.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to the demand for advanced materials, government incentives and support, a heightened focus on durability and reliability, the shift to alternative fuels, and the continued globalization of trade and transport. Major trends expected in the forecast period include the electrification of powertrains, efficiency enhancements in combustion engines, the adoption of hybrid technologies, advancements in engine management systems, and a focus on sustainable fuels.

The heavy-duty engines market is poised for growth due to the expanding construction industry. Construction, encompassing residential, institutional, commercial buildings, and specialized industrial construction, requires heavy-duty engines for tasks such as preparing concrete mixes and carrying significant loads. The Make in India initiative projects the Indian construction and real estate sector to reach USD 1 trillion by 2030, with its contribution to India's GDP expected to reach 13% by 2025. The thriving construction industry is a key driver propelling the growth of the heavy-duty engines market.

The heavy-duty engines market is expected to experience growth due to the rising mining industry. The mining industry involves the extraction, processing, and production of minerals, metals, and geological resources for industrial purposes. Heavy-duty engines play a crucial role in powering the heavy machinery and equipment essential for mining operations, including excavation, transportation, and processing of minerals. According to the Australian Bureau of Statistics in May 2023, the mining industry experienced significant growth, with earnings increasing by $54.3 billion (32.7%) in 2021-22. This growth, demonstrated by positive indicators, follows a $7.7 billion (4.9%) rise in 2020-21. The increasing mining industry is a key driver for the growth of the heavy-duty engines market.

Technological advancements are a prominent trend in the heavy-duty engines market, with major companies introducing innovations to sustain their positions. In February 2021, Clear Flame Engine Technologies, a US-based start-up manufacturing heavy-duty engines, launched net-zero engine technology. This technology enables heavy-duty truck diesel engines to operate on 100% renewable plant-based fuels, increasing efficiency, environmental friendliness, and meeting customer requirements for performance.

Major companies in the heavy-duty engines market are prioritizing advanced solutions, such as zero-carbon emissions solutions, to gain a competitive edge. Zero-carbon emissions solutions aim to eliminate or offset the release of carbon dioxide and other greenhouse gases into the atmosphere. In March 2023, JCB, a US-based construction and agricultural equipment manufacturer, launched a hydrogen combustion engine. This innovative zero-carbon emissions solution has the potential to revolutionize the construction equipment sector and contribute to a greener future. The hydrogen combustion engine powers prototype versions of JCB's backhoe loader and Loadall telescopic handler, emitting only steam and resulting in zero CO2 emissions at the point of use.

In July 2021, Germany-based commercial vehicle manufacturer Traton Group acquired Navistar International Corporation for $3.7 billion. Traton Group aims to provide sustainable transportation offerings through autonomous driving establishments and electric mobility implementations. Navistar International Corporation, a US-based manufacturer of heavy-duty engines, aligns with Traton Group's strategic vision.

Major companies operating in the heavy duty engines market report are Daimler AG, Mercedes-Benz, Caterpillar Inc., Deere & Company, Volvo Trucks Corporation, Mitsubishi Heavy Industries, PACCAR, Cummins Inc., Weichai Power Co. Ltd., Komatsu Ltd., Isuzu Motors Ltd., Kubota Corporation, Scania AB, MAN SE, Liebherr Group, Hino Motors Ltd., AGCO Corporation, YANMAR HOLDINGS CO. LTD., Navistar Inc., Wärtsilä Oyj Abp, Ashok Leyland Ltd., Rolls-Royce Power Systems AG, China Yuchai International Limited, Deutz AG, Detroit Diesel Corporation, Mack Trucks Inc., Doosan Infracore, Kirloskar Group, Perkins Engines Company Limited, J.C. Bamford Excavators Limited.

Asia-Pacific was the largest region in the heavy duty engines market in 2023. The regions covered in the heavy duty engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heavy duty engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of heavy-duty engines are class 7 and class 8 vehicles. Class 7 heavy-duty engines are vehicles designed to carry heavy loads, usually with three or more axles and a gross vehicle weight rating between 26,001 pounds and 33,000 pounds. Commonly used class 7 vehicles include garbage trucks, city transit buses, and street sweepers. Various horsepower categories include below 400hp, 400hp-500hp, 500hp-600hp, and above 600hp. They are employed across diverse end-users in agriculture, mining, construction, transportation and logistics, and other sectors.

The heavy-duty engines market research report is one of a series of new reports that provides heavy duty engines market statistics, including heavy duty engines industry global market size, regional shares, competitors with a heavy duty engines market share, detailed heavy duty engines market segments, market trends and opportunities, and any further data you may need to thrive in the heavy duty engines industry. This heavy duty engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The heavy duty engines market consists of sales of semi-truck engines and heavy duty diesel truck engines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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